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CNBC
Jan 2, 2013 7:00pm EST
brewing for tomorrow. john boehner, he could be facing a real challenge for his job speaker of the house. ace acosta is all over this story. "the kudlow report" begins right now. >>> back to the rally on the streets today. that is the total sizzle story. check out these numbers. in case you missed it, dow added 308 points. nasdaq up 93. s&p 500 surging 36. cnbc's kelly evans joins us with all the details. good evening, kelly. >> larry, good evening, from down here at the stock exchange where you practically would expect streamers and champagne. the kind of day we had to put in in context, the likes of bill gross saying he sees stocks up 5% for the year, we did 60% of that in the first trading day. a lot of people are pointing to this that there could be many better things to come than just 5% in stocks. we saw the best start to the year, at least in percentage terms for the major indexes since 2009. the russell 2,000, by the way, doesn't usually get the headlines but it hit a record high. the global dow is at a 52-week high. germany's dax powered to a five-year high. the ftse 100 i
CNBC
Jan 2, 2013 3:00pm EST
% today and the s&p 500 better than 2%. house speaker john boehner reportedly cursing out senate majority leader harry reid right outside the oval office. representatives from both sides of the aisle will join us next to explain how lawmakers can possibly reach a deal on the debt ceiling in this kind of poisonous environment. plus, new jersey governor chris christie is furious. >> there's only one group to blame for the continued suffering of these innocent victims, the howth house majority and their speaker, john boehner. >> we'll get into the politics behind that bill when we get back. >> we'll get into the poli behind that bill when we get back. g kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local cur
CNBC
Dec 27, 2012 4:00pm EST
senator mcconnell said they wouldn't filibuster over here that he would support and that boehner would support, if it were reasonable, but right now we haven't heard anything. i don't know, and it's none of my business, i guess, although i am very serious, if the speaker and the majority leader, the republican leader over here are even talking. i mean, what's going on here? mr. president, you can't legislate with yourself. we have nobody to work with, to compromise. that's what legislation is all about, is the ability to compromise. the republicans in the house have left town. the negotiations between the president and the speaker have fallen apart as they have for the last three and a half years. we've tried mightily to get something done. just go over what the little drill here, mr. president, to remind everyone how unreasonable the republicans have been. senator conrad and judd gregg came up with a proposal to pattern what they wanted to do after the base closing commission. commission would be appointed and they would appoint back to us, no flust years, no amendment, yes or n
CNBC
Jan 3, 2013 1:00pm EST
voting for pelosi. republicans voting for boehner. boehner should win this thing but there have been a couple 1s and 2s of republicans voting for someone else other than speaker john boehner, including one vote for collin powell. and you don't have to be a member of congress to be elected but that said, even though some of those republicans have broken away from boehner in the course of this vote we don't expect yet that they will have enough votes away from boehner to go to a second ballot or to seriously threaten boehner's chances of being elected. but he has add tough week. >> indeed, he has. >> given the fact there are so many new members of congress, do we know yet what the defining kark tistic of the new group might be. >> a racial gender, regional diversity, that we have not seen before in the united states congress. interesting statistic is that among democrats in the house, white males will not be the majority any more of the democratic conference. that's the first time that has happened. we have an african-american republican appointed to the united states senate. that the
CNBC
Dec 27, 2012 6:00am EST
have the day off today. our guest host today is bob broska. house speaker john boehner urging the senate to come up with a passable fiscal cliff solution. he's promising to at least consider any bill that the upper chamber produces. senate majority leader harry reid now expected to base any legislation on a bill passed earlier this year to continue tax breaks for households will incomes below $250,000. a senate bill would likely contain an extension of expiring unemployment benefits. and the other big news of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay hitting the government's 16$16.4 trillion borrowing limit. treasury will take several measures to save that next year to keep the government from reaching the limit for about two months. but geithner warns it is harder to predict how long the delay will last because of all of this ongoing fiscal cliff negotiations making it harder to forecast what revenue and tax spending will
CNBC
Dec 31, 2012 5:00pm EST
the president asked for and what speaker boehner offered in determines of additional tax revenue. i would expect they would get over that later tonight, but we don't know that for sure. and i do think, melissa, that going over the december 31st at midnight deadline has the potential for changing the dynamic a little bit, taking a little bitle of the urgency out of negotiations, especially for democrats, some of whom have felt, well, going over the cliff, we'll be in a stronger position. that's something to watch. >> john, keep us posted on everything coming out of d.c. john harwood from the white house. so, the question is, do you buy or sell the rally that we saw today on the hope that perhaps we do have a deal in the making. we had very strong gains, paraly in technology and the small caps, each seeing 2% gains, tim. >> and china had a fantastic pmi number which said their manufacturing activity hasn't been this strong for 16 months. china is the second-largest economy in the world. and definitely not a fiscal cliff there. but today's activity i thought was amazing when you consid
CNBC
Dec 31, 2012 6:00am EST
might lose some democrats on it, i think then it would be very difficult for john boehner on the last day to keep that off the house floor. john boehner has followed what denny hastert used to impose as the majority of the majority rule. you don't bring something to the floor unless most of your members are for it. i think john boehner in this case would be willing to set that aside. he would have something else for his members to vote for, which would be more favorable to those die hard conservatives who oppose the deal, but i think he would put it on the floor and i think eld pass. >> joining us now on the set is republican congresswoman shelly moore-capito and democratic congressman greg meeks from new york. congresswoman, i think he could do that and bring it and still be fine on january 3rd. is that your view? he would be re-elected speaker. >> i think he's going to be re-elected speaker, regardless. but i think there is a will in our conference, in the republican conference, to act, to have something on the floor to react to. i would say that it could be that it comes back
CNBC
Jan 3, 2013 4:00am EST
disagree more. over two-thirds of the republican party opposed this deal. speaker boehner clearly, i expect him to be re-elected. but he's lost control of his troops. and the republicans don't seem to be in any -- certainly not showing any willingness to compromise. they're now going to be even more emboldened. but the flip side of that coin is the republicans did cave at the 11th hour. if they caved of what is a relatively, relatively minor piece, it's spending which is the big. then, you know, there is the assumption that at the 11th hour, the republicans will fall into line. but i expect that to be extremely messy and to once again go down to the wire. and there's going to be an awful lot of volatility. >> okay. well, we'll talk about that because the vix is down 34% in the last few sessions. a historical drop. it's 2012 global industrywide insurance claims $65 billion. the 2012 claims cost the higher of that, as you might expect, caused by hurricane sandy. it's insured industry loss down from 2011 down to 119 billion. yesterday's resolution of the fiscal cliffhanger may provide -
CNBC
Dec 28, 2012 2:00pm EST
speaker john boehner, minority leader nancy pelosi, senate majority leader harry reid and mitch mcdonnell who have a collective 100 years legislating between them will be meeting with the president soon. . they have carb steady, with carbs that digest slowly to help minimize blood sugar spikes. [ male announcer ] glucerna hunger smart. a smart way to help manage hunger and diabetes. we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ m
CNBC
Dec 28, 2012 6:00am EST
they can. but they won't. and the reason they won't is because speaker boehner, who i like and you and i have talked about, cannot get -- listen, if he can't get a million bucks threshold on a tax cut through his chamber, what's he going to do get $500,000? it's not going to happen. what i think is going to happen at the white house this afternoon, though, is these folks are going to come in, sit down with the president, they're going to say, okay, we're all jumping over the cliff. so what do we do after the cliff? and that's probably a very good conversation for our nation's political leaders to have. >> jimmy, i grant you what you said is true, because all we're talking about is taxes. which is weird. >> we're talking about a hell of a lot more than taxes, joe. >> no, but jimmy, boehner couldn't get his guys to do the taxes. but if we were focusing on entitlement reform or spending or any of the big issues, joe, then obama couldn't get his base to -- so it's awo-way street we got going. >> takes two to tango. if he could have gotten inside together we might have had a shot of getting
CNBC
Dec 27, 2012 4:00am EST
speaker john boehner said it was up to the house to act on extending unemployment benefits. as we work through all of this, we are happy to be joined by allen capper, head of credit strategy at lloyd's for the hour. welcome back. i guess we're still shaking off the christmas turkey tryptophan, i guess they call it, and yet it feels as though it's groundhog's day. >> yes. you say shaking off the christmas blues and we're shaking still waiting to hear what happened with this fiscal cliff. we knew they would take it to the wire. there's no surprises. what concerns me, this may stretch on until january. now, this is not the first time we've been in a situation like this in my career in the markets. the opportunity is clearly markets may sell off and then an accord has to be reached. i guess a lot of people will be seeing that. >> what are you seeing in credit markets right now? is there a sense they're looking at the strong off move? >> i think in the credit market, liquidity started to disappear last week and now there's no real positioning we can do. so i guess you kind of go into next y
CNBC
Dec 26, 2012 1:00pm EST
pass through house republicans and boehner or not? >> yes. and the question about the mini deal would be, what we're talking about, just to make clear for our viewers, would be a temporary extension of tax cuts for incomes under $250,000, a couple of months, for example, a temporary turn-off of the sequester, the automatic cuts equally in defense and nondefense programs that nobody wants to happen, you temporarily turn those off, you extend unemployment benefits, you do something about doctor payments under medicare. if that happens, and clears the senate, there would be a bipartisan majority in the senate if it is allowed to get to the floor, then you would have to have speaker boehner agree to put that on the floor, it would pass the house almost certainly, but the speaker has been reluctant to put any bill on the floor for a vote that doesn't have the support of a majority of his own members, of republican members. he would have to breach that rule in order for it to happen before january 1st. >> which is no small feat, as we see. before we let you go, this business has been
CNBC
Dec 31, 2012 1:00pm EST
effect force john boehner to put it on the floor in which parties tell me it would pass. >> that is then the critical issue, is it not? we heard earlier on with the deputy for dop in the house is a must. details are in private and no one was talking to them. would the deal get passed in the house? >> i think it could. we have been talking to republicans who say they think a deal from the senate will pass in the house but pass with democratic and republican votes. he think speaker boehner will put it on the floor and folks are telling me that but that said, you never know until you know and that's why they have the whip operations. they are counting nos very carefully to find out how many liberal democrats and republicans they can lose on either side to have coalition votes in the middle. that's the real trick. some have been optimistic that this deal will pass and you know, as long as it is within the contours that people are expecting at there point. >> okay. reminder for those of you just tuning in. we are waiting for a live press conference by president obama as we begin to get detail
CNBC
Dec 28, 2012 4:00am EST
. speaker john boehner has called the house back into session sunday evening. house majority leader eric cantor is telling his members to be prepared to work through january 2nd. both sides are still far apart on taxes and spending cuts. harry reid says prospect deals by monday are unlikely. minority leader mitch mcconnell says there's still time for an agreement. >> republicans aren't likely to sign a blank check just because we find ourselves at the edge of the cliff. that wouldn't be fair to the american people. >> now, a new reuters poll shows americans blame republicans more than democrats or president obama for the fiscal crisis. and when asked who they held more response, 27% said the gop, 6% pointed to the dems and 30% said all of the above. for more on this, we're joined by christian schultz from barronberg bank. welcome. so we're going over the fiscal cliff. >> well, the consumer confidenc already be over the cliff in terms of confidence already. that might already be the first impact of the crisis of -- not of the crisis, but yes of the fiscal cliff. it seems we have this mome
CNBC
Dec 31, 2012 4:00am EST
cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you sign this legislation setting up a fiscal cliff 17 months ago. how accountable are you for the fact that washington can't get anything done and that we are at this deadline again? >> well, i have to tell you, david, if you look at my track record over the last two years, i cut spending by over $1 trillion in 2011. i campaigned on the promise of being willing to reduce the deficit in a serious way, in a balanced approach of spending cuts and tax increases on the wealthy while keeping middle class taxes low. i put forward a very specific proposal to do that. i negotiated with speaker boehner in good faith and moved more than halfway in order to achieve a grand bargain. i offered over $1 trillion in additional spending cuts so that we would have $2 of spending cuts for every $1 increased revenue. i think an
CNBC
Jan 2, 2013 4:00am EST
boehner -- 257-267. house speaker john boehner voted. the bill raises tax rates for families making more than $450,000 a year and lets the payroll tax cut expire but delays military spending cuts by two months. speaking after the vote, president obama thanked congress for approving the deal. >> the sum total of all the budget agreements we've reached so far proves that there is a path forward. that it is possible. if we focus not on our politics but what's -- but on what's right for the country. the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much. >> the bill sets up the next fight in around two months when the spending cuts are set to take effect and america hits the debt ceiling. treasury secretary geithner's taken steps to delay the date by halting investment in two government worker pension funds. the president is vowing to avoid a repeat of 2011 saying he won't engage congress in a debate over the debt ceil
CNBC
Dec 31, 2012 9:00am EST
under the leadership of speaker john boehner. i've talked to a couple of republicans this morning who are fairly optimistic that whatever comes out of the senate, whatever that deal is, it will pass the house this afternoon. although hard-core republican anti-tax folks are not going to vote for it. it still would likely have enough votes to pass. that's at least the mood of some folks i'm talking to today. guys, one of the big questions that's unresolved here was raised on a conference call with ceos arranged by the white house on friday night, on that white house conference call with ceos. one of the ceos asked tim geithner, i'm told by a participant on the call, whether a small deal would be enough to are prevent ratings agencies to downgrade u.s. debt. i'm told by this person on the call that the administration's response to that, they think a small deal would in fact be enough, but they wouldn't speak for the ratings agency. still a big unknown hanging out there, guys. >> and we know about some of the tough conversations we'll have 30 days from now, 45 days from now, eamon. it doe
CNBC
Dec 27, 2012 7:00pm EST
caruso-cabrera in for larry kudlow. this is "the kudlow report." speaker john boehner calls the house back into session for sunday night. that stokes investor hopes for a fiscal cliff deal and this coming just a few hours after harry reid's comments sent the dow into a tailspin. we have complete coverage in this developing story which is happening tonight as we speak. also, as supplies from the obama team, ep achieve lisa jackson stepping down. can the coal companies finally breathe a sigh of relief? guess what happened in britain when the uk banned handguns. the surprising result that could change the gun control debate. "the kudlow report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a bl
CNBC
Dec 28, 2012 4:00pm EST
yesterday. >> months and months of talks between the president and boehner, both times boehner could not deliver because they refuse because of grover norquist to allow any tax revenues whatsoever. they cannot cross over the threshold that has been built by grover norquist. >> grover norquist joins us now exclusively here on cnbc. grover, we just heard you are the target of those comments, but did harry reid get it wrong, because i thought that your organization actually gave its blessing to boehner's plan "b." >> reid has it wrong on a number of levels. the first, of course, is that the pledge that many congressmen and senators have made to oppose tax increases is made to the people of their state, not to me. in fact, harry reid now has the republican senator joining him from nevada who won because he made that commitment. he took the pledge, and the democrat that harry reid supported attacked him for taking the pledge, and the people of nevada said we want a senator who will stand with us against harry reid's tax increases, so -- and, of course, the issue that came up with plan "b" whi
CNBC
Dec 27, 2012 1:00pm EST
harry reid there calling house speaker john boehner a dictator for not bringing a bill to the floor that would extend the bush tax cuts for all those who make less than $250,000 a year. now that bill if it was brought to the house floor would have to pass with democratic votes. speaker boehner has said that he wants to pass something ultimately that can be con by t done by the majority of the majority. >> i don't understand how you can call him a dictator when he can't get his own bill passed. that doesn't make any sense to me. if he was a dictator, he could have done it. >> what we're watching here is a lot of finger pointing. the house side wants the senate to do something. the folks on the senate side said, wait a second, john boehner is who to blame. at the white house, they're pointing their finger at capitol hill. there's a lot of finger pointing but not a whole lot of action. >> all right, eamon. thanks so much. >> you bet. >>> as negotiations continue on washington, that is a bit of an overstatement, check wall street, the fear index is spiking as the markets drop. we're bac
CNBC
Dec 28, 2012 12:00pm EST
incomes over $400,000 for families which is the president's last offer to john boehner. it would also include things like, that would be temporary like the unemployment extension of unemployment benefits, the extension of the milk subsidies and a couple other things. the main question is over the duration. republicans want it to be short term. democrats are saying it has to be permanent or long term. but it does appear that there is some progress toward the possibility of a deal and this is certain to be discussed at the meeting at the white house this afternoon with leaders and the president although not sure whether they'll be in a position afterwards to openly push it fnchts there was a deal reached in principle when would they vote on it? >> i think if they made progress at the meeting today and if mitch mcconnell and john boehner decide to take the risk of t advancing this with their members they could vote sunday or monday and it is possible to get done before january first. nobody is betting on this at this point and everybody's omt michel has been sorely tested by the lack of
CNBC
Dec 28, 2012 7:00pm EST
would limit the tax cut and speaker boehner has made the same argument. >> thank you so much. we want to show people what is going on with the after markets because even though john says people are optimistic the markets are not optimistic. right now if the dow jones industrial average were to open at this moment it would be down 315 points. that's a reflection of the futures trading that happens in the after-hours. we'll see how asia opens on monday and right now the markets do not like what they see. they are not optimistic at this point and maybe if a mini deal gets done, a mini deal is not enough to deal with what the country faces. after all of this time the president still wants congress to come up with a plan instead of assuming the leadership mantle himself. let's talk to a member of congress about that. james langford serves in the house budget committee and he joins me now. sir, have you conceded you're not getting spending cuts are you voting on raises taxes on people who make over $250,000 come sunday or monday, whatever it is? >> sequestration is a debt ceiling deal
CNBC
Jan 3, 2013 3:00pm EST
tradition and pageantry in washington today. 1913th congress was sworn n.john boehner retained his speakership, and while the fiscal cliff in its original form may be in the rear view mirror, lawmakers still have some very big issues to work out. our hampton pearson is following all the action for us. hampton? >> reporter: how you doing, bill in the opening 16913th congress featuring all eyes on the incoming house of representatives. 233 republicans, 200 democrats. as you mentioned, and as expected, ohio's john boehner was elected to a second term as speaker of the house turning the page from a congress that just barely averted the fiscal cliff to a challenge to his fellow members to take on the dual challenges of too much debt and too few jobs. >> our government has built up too much debt. our economy is not producing enough jobs, and these are not separate problems. at $16 trillion and rising, our national debt is draining free enterprise and weakening the ship of state. >> reporter: now here's a by the numbers look at the makeup of both houses of the new congress. 12 new source,
CNBC
Dec 31, 2012 12:00pm EST
question. will speaker boehner move it to the floor? if so, will it pass with democratic and republican votes? or will republicans block the measure? that will be the key drama for later this afternoon or later this evening or even tomorrow. no indications as of just yet as when the votes will actually happen, scott. >> aman, happy new year to you. see you on the other side. we are trading today's mark with josh and brian kelly. wise, we are probably going to get something done over the next 48 hours. the size is the question. what's the market going to look look on the other side of the holiday? >> well, to me that's dependent upon the deal. we are seeing some renax the market today in expectation of a deal. to tell it to frame how this has gone for harry reid what we just saw, that was upbeat for him. so it's been a tense day of negotiation. i think anything less than, i wouldn't say the grand bargain is out the window, but a decent-sized deal touching on the issues of spending, which we are not going to get, we'll see a short pop in the market and say, okay, let's go back
CNBC
Dec 26, 2012 5:00am EST
there are no real talks. the president is coming back from hawaii. speaker john boehner has not even committed to bringing the house back into session. the senate will come back on thursday. and not deal with the fiscal cliff but deal with spending bills to clean up new york and connecticut and new jersey from hurricane sandy and reauthorize some intelligence bills. so i mean, there's no real deal in the offing. there's nothing going on behind the scenes that would lead us to believe that anything would get done before january 1. >> all right. josh, out to you. obviously a lot of the discussion has been around the kind of deal that we would get if we do get something. if a deal does come through, it -- more likely will not be comprehensive, right? there's going to be a lot of negotiating that occurs after the first of the year. i guess my question to you is, does this leave the markets open to turmoil and more volatility as we head into january? >> the markets are going to be left open to turmoil and volatility, period. what we've seen is that despite the stakes getting higher, this
CNBC
Dec 28, 2012 1:00pm EST
charitable deductions and among those closely watching president obama and house speaker john boehner for any kind of break through, millions of married couples facing a higher tax burden if we go over the cliff. the bush era tax law eliminated the marriage clause meaning that incomes of couples earning as little as $80,000 would be subject to taxation at the rate of the higher earning spouse. now as far as their wealth preservation strategies, a nationwide survey done by northern trust found high net worth persons, more than 5 million in assets, are much more proactive in anticipating the tax consequences of going over the cliff than those with a million dollars or less in assets. that same survey had 44% of high net worth individuals saying their top priority for the country is economic growth and reducing unemployment versus 19% who are reducing the federal budget deficit. >> all right, hampton. thank you very much. >>> the finance.yahoo.com poll puts you in the shoes of a member of congress. how would you handle the fiscal cliff? go vote finance.yahoo.com. the results are coming u
CNBC
Jan 3, 2013 9:00am EST
amongst house democrats. let me ask you about speaker boehner, because two years ago when he came through as speaker, he was the toast of washington, you know, riding that tea party wave. now, he seems to be a man very boxed in, not just for the fiscal cliff but the aftermath of the inability to vote on hurricane sandy. what future for him? presumably, he keeps his job. >> presumably, he does. the immediate future for him, he faces an election for speaker of the house today. a few rumblings of people unhappen on the republican side with john boehner as their speaker but there are very, very few people in this town who think these going to lose that election later today. he is expected to win and be reinstated as speaker for the 113th congress. you are right. he has had a very tough week. add very tough battle yesterday with republicans over hurricane sandy spending, this whole debt and deficit issue very tough for him as well with these negotiations with the president. we will have to see john boehner in the 113th as well. >> eamon, thanks very much, see you soon. >> check on the
CNBC
Dec 27, 2012 5:00pm EST
boehner is going to speak, you don't know what he's going to say. so, i'm not like doc, i didn't take everything out. but all trading positions are gone, i shaved a little b of a, shaved some forte, just because the volatility is too good. i'm optimistic, whatever the deal is, just the certainty will drive the market. >> so, for right now, you are essentially a seller. mike murphy, at this point, nobody knows when it's going to be the catalyst. nobody knows when it's going to be the catalyst to move the markets higher. there's some fear, i think, by individuals, they are going to miss the big push. >> you saw the vices today up over 20 for the first time in a long time. we bought the vices today. but when the market rallied, when it looked like we were going to get a meeting over the weekend, we took that position off. so, what you're looking at right now, let's watch, instead of trying to trade the headlines, because none of us can do that, look at the s&p. it's right at 1419, 1420 range. so, the next move is going to tell you the direction the market is going to take. we came down t
CNBC
Dec 26, 2012 4:00pm EST
cooperate with democrats to do that in the senate and if house speaker john boehner would put that on the floor even if most republicans were not in favor of it. bill? >> okay. we're going to hope that something like that can be at the very minimum at this point. john harwood, thanks. see you later. don't worry, be happy. one of our next guests says should we go over the fiscal cliff, someone else on wall street says the cliff will not be a doomsday event. we'll get them to make their case coming up. >> and also later on. facebook making an about face on using user photos for advertising. >> and winter storm euclid is pummeling the east coast. the latest storm and storm track coming up in the next hour of the program. you're watching cnbc, first in business worldwide. plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade
CNBC
Dec 26, 2012 6:00am EST
. if you vote on the deal that john boehner couldn't get done in his conference thursday, if you vote on that in january, a deficit deal than december. it's actually a tax decrease. i don't think nothing is going to happen in the coming weeks. it is possible we get into the first week of january before something to vote on. congress has gotten used to doing things at the last minute and it's not exactly clear when the last minute is here. >> i've been saying for a while you don't have to deal with 400 or 500 grand, get 250, what the president has wanted all along and get the republicans to not vote for a tax cut for everybody under 250. why hasn't that been the strategy or can you tell me that hasn't been the strategy all along? >> the piece of it i don't fully understand why the speaker decided to do what he did last week, walk away from negotiations. they were getting pretty close between the speaker and president and john boehner came up with plan b and it didn't happen. i'm not quiteshi shirure what t detail was about. while the leaders were negotiating we had a lot of time to tal
CNBC
Jan 2, 2013 9:00am EST
, boehner, the vice president and the president. and they weren't the team. the president said you know, i'll swing first because i'm fwoipg to play this one but i don't think that's true. i think he was going for the green the whole time and boy, he put it right in the hole. country's a lot more in the hole than it was. it was the ceo who yelled four trillion more in debt over ten years. i think that's pretty much over what happened. the cbo a new score in general, but that foursome really thinks they won. but i think the handicap's gone up. it's just going to get hotter and hotter to play the back nine. the next big issue for the back nine is definitely going to be the debt ceiling, but the president says you know, that's out of bounds. but i think it's going to be a rough. we're going to be playing in the rough on that one and he's going to be forced to drop the ball if bounds and we're going to see how this back nine plays out because instead of just the foursome, i think we need to have a bigger play of golfers showing up. there was a lot of golfers elected to play in this game. hu
CNBC
Dec 31, 2012 7:00pm EST
. >> the linchpin is whether john boehner can bring his troop as long. >> we need to get this right. >> the president is not, not going to make a new offer in this meeting today. >> the dow has fallen to the new lows. >> we may still be able to reach an agreement. >>> all right cliff or not, the markets finished 2012 in good fashion. the for the year the s&p 500 up a healthy 13.4%. all right joining us now is london based cnbc's kelly evran. before she deserted me, she was a regular on this program. good year for the s&p 500. actually, judging from the numbers, the economy could be even stronger. looks like the back end got better. here is the interesting thing. business investment could be a weak spot. if it is not because of the fiscal cliff, then there is more reason to be concerned. we saw in the sentiment figures, especially in the last month, there is a clear sentiment shot. perhaps even a real spending shot for businesses. five months of slumping, the last two months showed healthy gains. consumer spending, personal income, unemployment claims are low. what do you make of tha
CNBC
Jan 3, 2013 2:00pm EST
down now and listen to the once and future speaker of the house of representatives, john boehner, of ohio, as he assumes the speakership for the new congress. >> -- and their two daughters, lindsay and trisha, and the entire boehner family. speaker boehner, i know all too well that well not always agree but i hope with all my heart that we will find common ground that is a higher better place for our country. surely we can be touched by the better angels of our nation. -- nature. >> hello and welcome to "street signs" where we have double time for our our. speaker boehner set under fire the last few days, a newly re-elected speaker of house. when the speaker does begin speaking we will bring you his remarkes. we also have breaking news out of the federal reserve, minutes of its last meeting unveiled right at the 2:00 hour until the speaker begins to go on the -- why don't we go through highlights of the federal reserve minutes of their december meetings. most members of the fed considered financial conditions lit change from the previous meeting. he said that economic activity did co
CNBC
Dec 27, 2012 12:00pm EST
down, judge, i think. and these idiots from harry reid to the president on top and john boehner included, i'm equal opportunity, it's horrible. >> we heard the same thing at the end of 2011 europe would spill to theist and the u.s. consumer was changing their habits. i'd like to point out the discretionary consumer is the second best in the market this year, 21%. any whoever made a bet against the u.s. consumer -- >> what kind of pullback are we talking about? if you guys like the market through the early part of 2013 -- >> i don't like it in january, judge, for what i just mentioned because we will see tax laws selling. we have not seen. we have seen gains selling, people taking gains. when they start taking these loss and when all the rest of this stuff kicks in, that's when i worry these guys will make an even worse deal in panic in january. >> let's go to our guests. what is the best way to protect your money with the cliff deadline a few days away, jason pride, director of glenn me. how are you doing? how do you perceive the markets with a couple days of trade iin left? >>
CNBC
Jan 2, 2013 4:00pm EST
majority and their speaker, john boehner. >> reporter: but 90 minutes later new york representative said two votes for funding are forthcoming, one on friday for 9 billion in flood insurance and one in two weeks on another 51 billion. >> whatever reason the speaker decided not to bring it to a vote this week, obviously we disagreed were that and that's in the past. the bottom line is between friday morning and january 15th, those two votes, will bring in $60 billion that's absolutely necessary for new york, new jersey and connecticut. >> king obviously softening his tone from earlier. clearly some reversal, guys, based on republican reaction to something the republican house speaker could have handled. bill, back to you. >> all right, brian. thank you very much. well, those things, we know that's certain in life, death, taxes and another sequel of a batman movie. another one. our tax code remains far from clear. wait until you hear how much more you could be paying the tax man thanks to the phase out of some deductions embedded in the tax deal that congress just passed. that's coming up
CNBC
Jan 2, 2013 12:00pm EST
some expletives mr. boehner directed towards harry reid so there's clearly some enmity there, so there are a lot of things to worry about but the overall market should do better and i'm most focused in on the fact, what do you do with money? i have to take money and invest it 37. >> you have to put it somewhere. >> my line is on bonds, which is where the bubble's been putting money, i think buying buying u.s. bonds is walking into a steamroller to pick up a dime. >> where are the winning strategies? >> i'll give you two answers. one i'll give a slight plug you guys had on the program a while ago an organization called portfolios with purpose, is a contest they created where you pay a fee to enter, and you have the right to name a favorite charity to receive the winnings if you win. so you had to pick five stocks and so i'll give you four of the five i picked, because one is we're in the process of buying it and my fidelity is to my investments first so croc, chymera, quality corp., tetragon, financial services company and the last one is a mystery stock, when it double this is ye
CNBC
Dec 27, 2012 9:00am EST
january, unfortunately. the market doesn't seem to care. >> all the big deal, boehner and obama tried to do last year, still have to do that, simpson boles-type thing. >> by what the secretary of the treasury said yesterday. >> right. >> thank you for being here. >> bromance. a lot of fun. make sure you join us tomorrow. "squawk on the street" begins right now. >>> good thursday morning, welcome to "squawk on the street" live from the new york stock exchange, i'm carl kin ten nia with melissa lee, cramer and neighborer are off today but we are joined by dennis. good morning to you dennis, thanks for coming in. futures today, a lot to deal with as you probably know. the fiscal cliff headline watch continues. you just heard john kanas say the market not too concerned. futures up 21 points. decent data out of europe, we will talk about in a minute what a day for the asian markets again. also coming up. our road map begins at andrews air force base where the president arrives in a couple of hours, cutting his hawaiian vacation short to address the fiscal cliff s there really any hope in the
CNBC
Dec 27, 2012 3:00pm EST
be very clear. in order for that to happen john boehner basically has to agree that he's going to get a deal out of house with majority democrat votes, and i don't see why he does that before january 3rd. >> you're assuming the president has all the leverage, and i think the president would have a horrible legacy starting out with such turmoil, so i disagree. i think there's movement on the white house side on entitlements. >> rick, you do have to accept the fact that john boehner -- goes for the deal with democratic votes. >> he's about as acrimonious and able to get a deal done as sir harry reid. >> jared -- >> bottom lines, look at the vix, at 20, barely into anything. the market is clearly saying it doesn't care. hey, listen. i run my clients' money looking at the vix with my left eye, but 20, give me a break. you've got to thrill me above 30, above 35 before any of this has anything other than very interesting. >> if we get a deal, say sunday night we get a deal, right, do the markets rally, or does it depend on what the deal consists of? >> secretly, they are going to sell off o
CNBC
Dec 28, 2012 3:00pm EST
boehner and minority leader nancy pelosi have yet to arrive, but now we're showing you live pictures. maybe somebody is going to get out of that car, and we'll see if any of the other leaders will be heading to the white house. this is speaker boehner right now heading into the white house. we'll keep you updated as this hour progresses here. >> indeed, meantime, more red arrows here on wall street as investors are awaiting for any signs of progress from the white house meeting which is about to get under way. right now we're sitting smack on 13,000. we've clawed back from being below that earlier on today. the nasdaq has also moved to the downside by half a percent as we speak. the s&p 500, as we speak, folks, is now down for the fifth straight day. i think it's down about 1.3% over the course of this week. so far let's see what happens over the last crucial hour of this trading day. >> so the clock is ticking. all eyes are on the white house. we've got i'm an javers there in washington as we wait for the white puff of smoke to come out of the white house, eamon. >> reporter: kind o
CNBC
Jan 2, 2013 2:00pm EST
boehner. >> christie said over the weekend, he was assured this would get done. if you don't know the story, near the end of the session in the house of representatives, did not take unthe bill and now they have to start over from scratch and after 11:20 p.m., christie says, he called john boehner four times and the call was not picked up. back to you. >> certainly a man never to mince his words. disappointing and disgusting, i think says it all. >> on deck, we asked the head of the fix the debt campaign this question, if you had one word to describe the deal, what would it be? we have just one word for her answer, which is awesome. >> then later on, the madman himself, he says, forget the deal. he has just one mission in the new year and that is of course to help you make some. don't go away. i've always had to keep my eye on her... but, i didn't always watch out for myself. with so much noise about health care... i tuned it all out. with unitedhealthcare, i get information that matters... my individual health profile. not random statistics. they even reward me for addressing my heal
CNBC
Jan 3, 2013 12:00pm EST
do. now let's bring on tomorrow. . losi butterfield. elosi. calvert. boehner. >>> want to take you down to d.c., give you a shot of the house chamber, where the house begun voting on its next speaker, john boehner expected to win re-election. wasn't always easy getting his troops in line during the fiscal cliff negotiations. but, again, speaker boehner suspected to win re-election for the 113th congress. any surprises happen we'll let you know about them. that's the process going on right down in the house chamber. it's time to get a realtime tried with keith mccullough. big move in stocks is what you see. good to see you. happy new year. what's going on? >> i think you have to really think through what growth has started to do here, scott. that's stabilize it. we have gone from growth slowing to where the fed had to provide a tremendous amount of whatever that was to growth stabilizing, in spite of the fed and congress. so, what doesn't like growth stabilizing or growth accelerating would be gold. and it would also be bonds. so we're bearish on gold, bearish on bonds and bullish o
CNBC
Dec 26, 2012 3:00pm EST
actually all up to john boehner, as i see it, because if we were to decide to bring the president's most recent small car compromise to the house i actually believe it would pass. the problem for him it would probably pass with mostly democrat vote, but i think it could get through the senate. that's the only scenario i see by which we avoid going over the cliff. >> wait a minute. >> at least temporarily. >> wait a minute, jared. john boehner said it's up to the president and harry reid so are both sides standing at the precipice waiting for each other to make the next move. >> not really. it really is all up to john boehner to decide whether he wants to bring this vote to the house floor. if he doesn't, i would put on either your cliff bungee cord or your cliff parachute and that's actually an important difference. >> we would like a bungee cord and a parachute. >> right. >> but i would like to know maybe we have neither. what do you think happens to the market, matt, in either scenario, deal or no deal? >> i can't imagine we're going to get a deal done with any significance. you know,
CNBC
Dec 28, 2012 5:00pm EST
senators reed and mcconnell will try to come up with something. they also said that speaker boehner said in the meeting that he won't move anything until the senate moves first. and nancy pelosi called the meeting constructive and candid. that's the first indication we have on the record from one of the leaders about what happened in that meeting. all eyes are on the 6:30 p.m. house reconveninreconvening. what if anything will they be able to vote on? we don't know the answer as of now. we do know the president did not make any new offers in the meeting today. >> it is staggering for the president to call the congressional leaders in at 3:00 on a friday and tell them to come up with a plan, when that could have been the case this morning. to give them time to come up with a plan. >> you're right, i think based on what we know now publicly it would appear that the white house sort of let the expectations game get ahead of them here. because there was talk in washington early on in the day that there might be a mini deal pending. maybe an offer from the president. none of those peer to hav
CNBC
Jan 3, 2013 6:00am EST
democrats and 38 new republicans. in the house, john boehner is expected to be re-elected speaker today. a lot of intrigue around that. speaker boehner has already announced one of the first pieces of business for the new congress. he set a timetable to approve a $60 billion package for superstorm sandy relief. the house will vote on friday for a $9 billion down payment for storm-related support to the national flood insurance program. there will be then a second vote on january 15th on the $51 billion remainder of the sandy disaster aid package that was approved last week in the senate. boehner's announcement coming after fellow republicans loudly criticized the cancellation of an earlier vote. >> this is 66 days and the wait continues. there is only one group to blame for the continued suffering of these innocent victims. the house majority and their speaker, john boehner. new york deserves better than the selfishness we saw on display last night. new jersey deserves better than the duplicity we saw on display last night. america deserves better than just another example of a go
CNBC
Jan 2, 2013 6:00am EST
significant development in the house hastert night. of course, john boehner took to the floor a billion that did not have the support of a majority of republican members. that's the way that republican speakers have operated for some time. he got less than half, his republicans. and a pron of democratic votes to pass the bill. a significant thing. they went through a bit of kabuki before that because the speaker had a republican conference, and they went through the motions of see figure -- seeing if they could get a bill with more spending cuts and couldn't. that's why we ended up with this result. >> help go through a couple of headlines here. the big headline out of the white house saying that they're raising $620 billion over ten years. on the other hand, you have others, cbo and depending on the political elements, some people saying that this is actually going to cost us $3.9 trillion over the next ten years in part because of amt and how things are associated. then you have the payroll issue which you mentioned, which apparently on average is going to increase people's taxes by a
CNBC
Jan 2, 2013 1:00pm EST
, speaker boehner says it is one of his first priorities when the new congress comes in later in the week, tyler. actually up to you, becky. >> thank you. >>> i guess we will get an earful from chris christie when he sounds off on this. >>> we now have a deal in washington. this is a deal for now anyway. maxine waters california democrat. she voted nor bill. jack kingston is georgia republican. he voted no. our next deadline is match. spending cuts are key. how do we get there from here? how do we do it without wring bringing the final system to the brink of collapse again? well have their answers right after the break. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. >>> with the fiscal cliff prices set at the last final moment, what ar
CNBC
Dec 31, 2012 4:00pm EST
" and boehner on it. i think it may still get worked out in the band-aid form, but i don't think that's complete at this point. so i think maybe we're all going to be working tomorrow. >> i'm just getting word now that the house gop is going to caucus in an hour. they may not vote, but they'll be talking about what they're hearing coming from the senate and probably get more details at that point. it's not like we're not going to get any progress. but as i said before, rick, for something this important, would you want this to be that much of a rush job in. >> i agree with you. i totally absolutely agree with you. that it needs to be taken time. my reservation all day that i kept mum was is the house going to get this at ten minutes to midnight? i think those guys have some responsibility to do the job a little differently than the health care plan. i don't think they want to find out what's in it after they vote on it. >> without stating the obvious, it would be nice they took their time before the deadline opposed to after it. but i'm going to leave that alone. i want to get to you, j
CNBC
Dec 26, 2012 2:00pm EST
are up to mitch mcconnell in part and also up to john boehner who may be asked before it's over to put on the floor of the house a bill that lacks support of the majority of his own members. that is something that would be a risk on the speaker's part as he faces a re-election by the house of representatives to the speakership in early january, but we'll see whether if it comes to that, whether he's willing to do it. 8. >> john, thank you very much. >>> as we edge ever closer to our impending fiscal doom, we will look more closely how the markets are reacting and what is yet to come. joining us now, michael farr in washington, and also peter schear. great to have you both with us. thanks for coming back from various holidays. michael, this is not an economic crisis. this is not a market crisis. this feels like a political crisis. do you blame our leaders for failing to get their act together over this? >> mandy, it is a profound failure of leadership once again from washington. i mean, we have been facing this profligate spending for a long time. over the last four years it's been
CNBC
Dec 26, 2012 7:00pm EST
. the house is still not going to pass it. john boehner can't. he just can't pass a bill off his floor with a majority democrats and 20 republicans. >> the house already voted to extend all of the bush tax cuts. >> and the senate -- >> house leaders are right to say the ball is in the senate's court. until they act we can't know -- what kind of deal we come up with. >> the ball is always in the senate's court. that's how it works. >> you are both argue being process. here is what i don't understand. i stay to democrats that come on, what p the republicans voted to extend taxes on everybody that you want, would you means test social security and medicare? the vast majority say oh, no, no, no, no. >> not this democrat. i would absolutely support it. >> unfortunately you are not in congress. >> you are right. >> i talked to republicans. i said, listen, if tomorrow the democrats had an epiphany and decided representative ryan planes for making medicare a voucher system were the best thing to do, would you vote to raise taxes on millionaires and have them? they say no. i mean -- >> you can'
CNBC
Dec 26, 2012 5:00pm EST
heat is turning up on both sides of the aisle. house speaker john boehner says the senate needs to act first. meantime, just about 40 minutes ago, tim geithner said the u.s. is simply running out of money. let's get the latest on this game of chicken from c nbc's chief political correspondent, john harwood. john? >> melissa, i want to bring you up to date on the fiscal cliff developments. first of all, as you mentioned, secretary geithner has informed the senate that the united states government will hit its debt ceiling on monday. that is december 31st. now, that doesn't mean that anything happens immediately, because the treasury can take various steps to postpone the moment of reckoning, probably a couple of months. it's still significant. that's an effort to pressure congress. secondly, the house republicans have met, leadership has met, sent a letter to democrats saying the house has acted, now it's up to the senate to act. that's, of course, the m theic-controlled senate which has no intention of taking up that house bill, which would extend all of the bush tax cuts. the pres
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